Finimpact

Frequently Asked Questions (FAQ)

Can I apply for another SBA loan type if I have been denied one already?
If you qualify for another type of loan, you may be able to apply, even if you’ve been denied. Your lender can help you to determine if you can apply for another loan.
How can I check the status of my SBA loan application?

If you have applied for an SBA loan for the first time, you will need to contact your lender for information about your loan status. If you already have an SBA loan and have applied for another loan, you can log into the SBA Capital Access Financial System to check your application status. 

How long does the SBA loan approval process take?
The SBA loan approval process can take anywhere from a few weeks to a few months.
How long does the SBA loan reconsideration process take?
The SBA loan reconsideration process takes between four and six weeks.
Do I need to establish business credit to be approved for an SBA loan?
Each lender determines their own credit requirements, so you may or may not need business credit to be approved for an SBA loan. This article provides additional information about SBA loan credit score requirements.

About the Author

Paige Cerulli

Written by: Paige Cerulli

Business Content Writer

Paige Cerulli is a content writer and copywriter who specializes in business, finance, pet, and health topics. An entrepreneur herself, Paige enjoys writing about topics that help business owners to make well-informed strategic decisions.

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